Roman Abramovich Thread

[ZAPHOD2319 4,799]

1 minute ago, NikkiCFC said:

Let's make Talk Chelsea consortium. All of us together, how far away are we from 3b? 

2.9999999999999B

[NikkiCFC 8,286]

Russians are threated these days like Jews in Nazi Germany...

 

[Pizy 18,848]

9 minutes ago, NikkiCFC said:

Russians are threated these days like Jews in Nazi Germany...

 

Are Russian’s being rounded up and exterminated like animals, then? 
 

Completely inappropriate comparison.

[NikkiCFC 8,286]

 

[DDA 9,924]

31 minutes ago, NikkiCFC said:

Let's make Talk Chelsea consortium. All of us together, how far away are we from 3b? 

I can manage a score max.

[NikkiCFC 8,286]

 

[DDA 9,924]

7 minutes ago, NikkiCFC said:

 

He's investing around 2Billion into a foundation to support Ukraine and still these spineless wankers like Gary Neville and Alan Shearer are having a pop at him!

Makes me sick to my stomach.

[Superblue 6,372]

Out of curiosity does anyone have a track of how these loans from Roman have built up over the years?

Have they been fairly consistent or have the loans slowed in recent times?

[Vesper 30,083]

11 minutes ago, Superblue_1986 said:

Out of curiosity does anyone have a track of how these loans from Roman have built up over the years?

Have they been fairly consistent or have the loans slowed in recent times?

Explained: Chelsea’s debt to Abramovich passes £1.5 billion

https://theathletic.com/3047181/2022/01/05/Chelsea-debt-abramovich-passes-1-5-billion/

Chelsea’s debt to Roman Abramovich now exceeds £1.5 billion, spanning the Russian’s 18-year ownership of the Premier League club.

Annual accounts for Fordstam Limited for the financial year ending June 30, 2021 confirm that the oligarch poured a further £19.9 million of interest-free loans into Chelsea FC plc’s parent company last season, underlying the club’s continued reliance upon the Russian’s backing.

Chelsea, hampered by the financial ramifications of the COVID-19 pandemic which largely condemned football behind closed doors throughout last season, recorded a pre-tax loss of £155.9 million for the year, despite being crowned European champions for the second time in their history in May.

So what is Fordstam?

Fordstam Limited, with its registered address of Stamford Bridge, is owned by Abramovich and serves as Chelsea FC plc’s parent company. Its funding is ploughed into Chelsea FC plc as equity, and then on to the football club itself — Chelsea Limited — again as equity, to cover any cash losses sustained.

Fordstam’s latest accounts note that funding “is provided by the ultimate controlling party, Mr R Abramovich” in the form of an interest-free loan. The accounts add: “The Group (Fordstam’s subsidiary undertakings) has received an increase in funding of £19.9 million during the last financial year”. That is mirrored in Chelsea FC plc’s accounts.

Abramovich bought Chelsea in 2003 and has since overseen unprecedented success at the club. His money has helped them to claim five Premier League titles, five FA Cups, three League Cups, two Europa Leagues and two European Cups in that period. The team have already won the UEFA Super Cup this season and are still involved in five competitions, including the FIFA Club World Cup that will take place next month in Abu Dhabi.

That success has been bankrolled by Abramovich’s money. Note 22, on creditors, in the financial statements in Fordstam’s 44-page annual report confirms that the balance “on all related party loans at 30 June, 2021 was £1,514.4 million”, up from £1,494.5 million the previous year.

The loans are theoretically repayable on 18 months’ notice to Camberley International Investments Limited, a company that is understood to be controlled by Abramovich. Yet, as the loans are provided by the owner himself — the oligarch would have to repay himself from the proceeds if he ever sold the club — Chelsea can refer to themselves as being effectively debt-free.

Chelsea FC plc made clear in their annual report that the company is “reliant on Fordstam Limited for its continued financial support”, adding: “The company has received confirmation from its parent undertaking that sufficient funds will be provided to finance the business for the foreseeable future”.

What did Chelsea’s own accounts reveal?

Chelsea’s accounts were published on December 29, 2021 and laid bare the cost of COVID-19 and a season of heavy transfer spending at Stamford Bridge.

A pre-tax profit of £35.7 million had been transformed into that £155.9 million loss, with match-day revenues (down from £46.8 million to £7.7 million) and commercial income (down £16.8 million) seriously impacted by football behind closed doors.

The club’s turnover actually increased from £407.4 million to £434.9 million, largely driven by an increase in broadcasting revenue stemming from the late finish to the 2019-20 Premier League season after Project Restart, but also the team’s success in winning the Champions League for a second time.

The Chelsea hierarchy, who opted against making use of the government job retention scheme through the 2020-21 financial year, believed the club’s turnover would have exceeded £500 million for the first time had it not been for the pandemic.

What was the damage in terms of transfer spending and the wage bill?

The club’s accounts, as well as those of Fordstam, detail the heavy investment in the team when Chelsea re-entered the market with a vengeance after their FIFA transfer ban to reinvigorate the playing staff in the summer of 2020.

The club spent £222.2 million on the playing squad over the 2020-21 financial year — adding Kai Havertz, Timo Werner, Hakim Ziyech, Ben Chilwell, Edouard Mendy and Thiago Silva to their ranks — with that figure also including existing player contract renegotiations. The outlay will be amortised — the accounting principle of gradually writing off what it cost you to buy an asset over time — over the length of the respective players’ contracts.

They raised £27.9 million in sales, principally those of Victor Moses to Spartak Moscow and midfielder Nathan to Atletico Mineiro. The Brazil youth international had joined Chelsea in 2015 but never played for the club.

Chelsea’s annual wage bill rose by 17.5 per cent to £333 million — only Manchester City, who paid £351 million in salaries over the 2019-20 season, boast higher in the Premier League — and includes incentive payments and bonuses to players linked to their Champions League success. However, the club continues to comply with UEFA’s break-even criteria under the governing body’s financial fair play regulations.

Since the reporting date, both sets of accounts note that “the Group has acquired the registration of three football players at an initial cost of £109.7 million and disposed of the registration of 13 players at a profit of £103.7 million”. They could also receive a further £16.4 million if outstanding clauses in previous transfers are all met.

The three new arrivals last summer were Romelu Lukaku — for a club-record fee, making up the vast majority of that outlay — Marcus Bettinelli and the loanee from Atletico Madrid, Saul Niguez. Again, though, the figure will be amortised (spread out over a number of years) meaning the club will record a healthy profit in terms of player trading in their next accounts.

What did Chelsea say when releasing their accounts?

The board of Chelsea FC plc acknowledged their continued reliance on Abramovich in a difficult economic climate and pointed to the European Cup triumph as having helped offset the impact of the pandemic on revenues.

“Throughout this period we have continued to receive the full commitment and support of the owner across the entire business allowing us to continue to invest in our playing squad during this period,” said the chairman, Bruce Buck. “This is, of course, while working within the regulatory framework and constraints with which we must operate.

“The strength, stability and long-term approach of our financial operation means our revenue streams remain strong, however, COVID-19 will continue to have an impact going into the next financial year as our commercial operations resume normal activities.”

 

[Vesper 30,083]

Roman Abramovich confirms Chelsea are for sale and writes off £1.5bn loans

https://theathletic.com/news/roman-abramovich-confirms-Chelsea-are-for-sale-and-writes-off-15bn-loans/33NLbNbnl3bV/

[Vesper 30,083]

1 hour ago, NikkiCFC said:

Russians are threated these days like Jews in Nazi Germany...

 

College Backtracks on Banning Teaching Dostoevsky Because He's Russian

https://www.newsweek.com/college-backtracks-banning-teaching-dostoevsky-russian-1684080

A university in Italy has backtracked on a decision to postpone a course about the work of Russian author Fyodor Dostoevsky following a backlash.

Italian writer Paolo Nori posted a video on Instagram on Tuesday saying he had received an email from officials at the University of Milano-Bicocca, in Milan, informing him of the decision to postpone his course following Russia's invasion of Ukraine.

"Dear Professor, the Vice Rector for Didactics has informed me of a decision taken with the rector to postpone the course on Dostoevsky," the email said, according to Nori's video. "This is to avoid any controversy, especially internally, during a time of strong tensions."

https://www.instagram.com/tv/CakmLRqguxO/

Nori said he had been invited by the university to deliver the four-session course on Dostoevsky, whose novels include Crime and Punishment, The Idiot, Demons and The Brothers Karamazov, starting from next Wednesday.

"They invited me. Each lesson was 90-minutes long. They were free and open to everyone," he said.

Nori went on: "I realize what is happening in Ukraine is horrible, and I feel like crying just thinking about it. But what is happening in Italy is ridiculous."

"Not only is being a living Russian wrong in Italy today, but also being a dead Russian, who was sentenced to death in 1849 because he read a forbidden thing. That an Italian university would ban a course on an author like Dostoevsky is unbelievable," he said.

Nori's video sparked an outcry, with several notable figures criticizing the university's decision.

Matteo Renzi, Italy's former prime minister who is now a senator for Florence, tweeted that it was "insane" to prohibit studying Dostoevsky because of the actions of Russian President Vladimir Putin.

"In this time we need to study more, not less: in the university we need teachers, not incapable bureaucrats," Renzi wrote.

On Wednesday, the university released a statement on its social media accounts confirming the course would go ahead.

"The University of Milano-Bicocca is a university open to dialogue and listening even in this very difficult period that sees us dismayed at the escalation of the conflict," the statement said.

"The course of the writer Paolo Nori is part of the writing course aimed at students and citizens who aim to develop transversal skills through forms of writing. The university confirms that this course will take place in the established groups and will deal with the contents already agreed with the writer. In addition, the rector of the university will meet Paolo Nori next week for a moment of reflection," it said.

Newsweek has contacted Nori and the university for additional comment.

Russian President Vladimir Putin, left, accompanied by Culture Minister Olga Lyubimova, visits the Moscow's Dostoevsky House museum on the day of Russian novelist's 200th birthday in Moscow on November 11, 2021. The University of Milano-Bicocca in Milan, Italy, reversed a decision to ban a course on Dostoevsky on March 2, 2022, following Russia's invasion of Ukraine seven days earlier.

Edited March 3, 2022 by Vesper

[Superblue 6,372]

 

This doesn't sound promising.